LoansUnder36% helps provide personal loans to individuals by matching them with its network of lenders. The company specializes in unsecured personal loans for borrowers with credit ranging from poor to excellent. LoansUnder36% maintains headquarters in West Caldwell, New Jersey.
LoansUnder36%’s main selling point is that all of its lenders’ maximum interest rate is 36%, similar to most of its competitors.
LoansUnder36 Personal Loans Terms & Requirements
There are no guarantees that a potential borrower will be approved for personal loans from any of LoansUnder36 partners, or it may be possible that a particular lender will ask for further information after the initial application. Lenders may ask for further proof of employment or ask for more documentation regarding your financial situation.
While there is no minimum credit score needed to apply, this particular loan aggregator suggests that before applying for loans, borrowers should make sure they meet all of the following requirements.
- Have an active bank account; some lenders may require it to be a checking account.
- Be at least 18 years old with a valid I.D.
- Have steady employment or have another verifiable source of income
- Be a U.S. citizen
Due to the wide array of lenders that LoansUnder36 partners with, it is likely that a borrower’s application will bring in several different loan offers. Each of these lenders may allow for a lot of flexibility when it comes to loan terms. This loan aggregator can curate and produce offers in as short a time as two minutes from the time when the application was submitted. Once a loan has been selected and approved, the funds can be ready the very next day in many cases.
The lending partners can offer loans for as low an amount as $500, but they also range all the way up to $35,000. Borrowers will find that the various lending partners have different minimum and maximum loan amounts that they allow, and the loan offers will need to be evaluated on an individual basis.
While LoansUnder36 doesn’t require that the personal loan money be used on specific purchases or purposes, it is possible that the vendors themselves may have stipulations for how the funds can be used. The vendors all have various APRs that will likely correlate with the borrower’s credit score, the terms of the loan, and the amount of the loan. However, they fall somewhere in between 5.99% on the low end, and 35.99% on the higher end. It is important to note that LoansUnder36 cannot guarantee any particular APRs as they are not the lender but only the loan aggregator.
Similar to the loan terms, the repayment terms are extremely varied and depend solely on the loan vender. Borrowers can enjoy both short-term and long-term repayment schedules as decided by the loan vendor. This flexibility is often praised by LoansUnder36’s previous borrowers because it allows so much control over their financial situations. The loans offered allow customers to adjust their loan to fit in with their current lifestyle and money needs. Repayment terms can be set at daily, weekly, or monthly intervals. The shortest time frame is 3 months, and the longest time frame is 72 months. However, most personal loan repayment terms fall somewhere in-between those two extremes. Not all of the lender partners offer the same terms for repayment. However, no matter the terms that are chosen, there are no pre-payment penalties incurred for paying off your loan ahead of your repayment schedule.
LoansUnder36% requires personal information and the loan amount requested to match you with a lender.
Application Steps & Time Frames
In order to start the loan process, potential borrowers fill out the simple application located on the Loans Under 36 website. Keep in mind that this company is not a direct lender but is instead a market place or loan aggregator. However, since they work with over 100 vendors, potential borrowers will get many loan offers by simply filling out one application, and there are no application fees. Results come back in as little as a few minutes
This initial application asks from many of the basic details that you would expect in the loan process.
- Name and Birthdate
- Phone Number
- Mailing Address
- Banking Information
- Employment and Income Information
One thing to note is that this application does do a hard credit pull. This means that the personal loan inquiry through LoansUnder36 will show up on a credit report. In some instances, a hard pull can negatively affect your credit score by up to five points.
- Complete the information form: 5 minutes
- Wait for a decision: typically within minutes
- Funding is released in one business day by most lenders
- Available in all states